_1, the unemployment rate was 9 percent, 5 percent above the yment threshold of 4 percent. v many jobs were lost, as a result, in a labor force of 140 million? million workers he average worker produced $100,000 of output, how much outp ost? $ billion

Economics: Private and Public Choice (MindTap Course List)
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Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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Chapter8: Economic Fluctuations, Unemployment, And Inflation
Section: Chapter Questions
Problem 14CQ
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Please round your responses to the nearest whole number.
In 2011, the unemployment rate was 9 percent, 5 percent above the full-
employment threshold of 4 percent.
a. How many jobs were lost, as a result, in a labor force of 140 million?
million workers
b. If the average worker produced $100,000 of output, how much output
was lost? $
billion
c. If the population in 2011 was 350,000 million, how much did GDP per
capita decline as a result? $
Transcribed Image Text:Please round your responses to the nearest whole number. In 2011, the unemployment rate was 9 percent, 5 percent above the full- employment threshold of 4 percent. a. How many jobs were lost, as a result, in a labor force of 140 million? million workers b. If the average worker produced $100,000 of output, how much output was lost? $ billion c. If the population in 2011 was 350,000 million, how much did GDP per capita decline as a result? $
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